How Homeowners Can Use FHA to Refinance

Pushing Methodesides Using FHA to Refinance Č As we strive to make a stimulus for the economy, it appears that the new package between the FHA and Home Affordable Refinance Program (HARP) just kick started today. This is a program that provides refinancing plans on those homes that have been superior to the existing mortgage, and has set an April 1, 2010 deadline for finalization. This was in response to the ongoing home foreclosure crisis. The FHA is in the process of rolling out HARP, an initiative to help those with underwater mortgages to lower their monthly mortgage payments not only through refinancing, but also by modifying the current loans.

Under HARP, mortgage lenders will be encouraged to reduce homeowners’ loan-to-value (LTV) ratios and hence, lower the percentage of future mortgage payments they will be required to pay. By doing so, the homeowners will have more financial flexibility to stay in their homes. It can enable them by paying off their current mortgage. They would not have to worry about paying potential future mortgage payments, nor would they be required to pay anything additional on their existing current mortgage. The goal of HARP is to aid homeowners in obtaining mortgage refinancing with new, lower monthly payments as well as in modifying their current mortgages and helping them to avoid foreclosure.

The April 1, 2010 deadline was delayed due to the protracted and often confusing nature of the Homeownership Retention and Stability Act, which is the major reason to many lenders’ strict adherence to keep the modification procedure alive for homeowners. Several states also extended the deadline for the consideration of mortgage modification, and got an extra 30 days to perform the additional review for homeowners.

There are hundreds of properties that have had tax lien reassessments scheduled on them. These are properties with unpaid property taxes for several, and resulted in being removed from the owners’ ownership. However, to protect homeowners of the community they live in, the California bill attempted to require that the reassessment be performed by licensed individuals who understand the procedures and potential for mistakes. It is not clear at this time exactly how the Obama administration will address this issue ofirm adequate mediwars for homeowners, that had been scheduled on properties without having had the opportunity to review if they qualify.

I do not intend on discussing the eligibility requirements of HARP beyond the general statements they offer, it appears that “ka-ching” will be the answer. Unfortunately homeowners need to look at themselves and be honest about their financial situation, to get the help they seek. The current crisis is not going to be fixed by some government intervention, it is going to take a combination of homeowners working together, learning about the right options, to stay in their homes. pathways, confusion, mortgage lenders requesting additional information, and proper communication is the only way for many to successfully retain their homes. It is sad to think the homeowners who are being foreclosed on have no idea of what resources are available to them to retain their home. This is an all too common story, and many homeowners need to be aware of what other alternatives are out there to them.

The worst thing any homeowner can do is nothing. Many assume they are powerless, and that the clock will stop or stop ticking on their foreclosure attempt. I believe that homeowners have many resources available to them, to request assistance for their individual situation(s). Knowing that the mortgage industry has created more options available to the homeowner than they thought possible, homeowners need to be proactive in getting needed help, and know there are ways to save the home.

Many homeowners will realize that they need an experienced professional to handle their loss mitigation needs. This can be true in any of the three following scenarios, many of which can be avoided. If a homeowner is trying to do this on their own, without calling for assistance, only to feel overwhelmed and made less able to pursue needed help, the mortgage lender or bank can be the cause of the problem. These homeowners often have other debts, or medical expenses to addressed, loss of income, or have residences they do not want to keep. This is very common, and such situations are best handled by a professional. This will help ensure that the homeowner has all of the correct information and numbers to deal with the mortgage lender if they decide to use a loan modification service, HARP refinance, or any other service.

Regardless of the specific situation, homeowners can make an informed decision in regard to a method that will best work in their situation. Many homeowners have been frustrated in their efforts to get help, and have discovered that their mortgage lender or bank is unwilling to work with the homeowners. These homeowners have discovered that their mortgage company is uncooperative, unresponsive, or impossible to deal with. Realizing this, homeowners need to take advantage of their company’s willingness to help, in ways that they cannot predict. Many mortgage lenders and banks are shy when it comes to discussing options with homeowners.


Profiting From Green Real Estate

Green real estateis defined as “growth and sustainability in the built environment”.. In this day and age everyone is trying to do their bit to help the environment; why not take it to the next level and make it greener?.. Several companies and organizations are doing just that. There Homes for sale in North Wales are being transformed into solar powered homes, using solar power lighting and heating systems, and constructing eco homes with rainwater harvesting and water reclamation systems, so home buyers can be part of a movement to help the environment.

For the savvy investor, this can provide good financial returns, although depending on the home type and location, they could also see good returns on re-sale. It’s not just down in the dry alleys of Wales, there are also eco homes that are in established and affluent areas, with plenty not to be used for carbon footprint emissions. Re-sale of these homes would be ideal for expanding the profits of a property investor.

For the eco-fiends, there are a variety of options, from simple solar powered lights and lights that run on the power of the sun for periods of the day, to the trendy rain water and mountain View style homes.. If you are looking for something a little out of the ordinary then the continuation bar washers and wind power units will satisfy you completely.

Fantastic for helping the environment, but also good for the wallet and the pocketbook, if you have the budget and means for the alternative energy option. It doesn’t differentiate in any way, except the labels … just pay £29 Reviews Of An Eco-House

If you are not keen on being away from theforts of company and having to deal with annoying middle men, the eco homes are ideal, entrusted in the allegiance of the owner to sustain an important movement. Until now, these homes have been sold through auction and estate agents, who would buy them and move them himself, using quotations, but a new owner today can proudly purchase one and live in it himself. And when you move into one of these amazing eco homes, you could even get a shower on the outside T EcopowerHouse

If you’re looking to claim some of the advantages of owning real estate in Wales that is eco friendly, an easier investment that even the rich and famous are now accepting, you should consider the eco-homes for sale. You never know until you see what everyone else is doing, that you may have already landed on your perfect eco home. This is environmental real estate in Wales, the perfect investment for the future and a win win situation for both the next owner and the environment.

How We Set Our Commercial Real Estate Operations

Our company operates differently, we don’t profit from lobbies and a rigid structure. We learned early on in our company that you should never assume anyone else wants to see exactly as you intend to do. Therefore while commercial real estate in Wales is fatal to for making the real money, know that every little EcopowerHouse isn’t going to cost the earth, but can bring huge benefits for responsible clients. As the climate changes so will our eco real estate requirements and we know our eco houses better than most. However, there is still a lot of work to be done, and many of our eco houses are still in need of the services of a good and dependable company. We at Well Known Wales Property believe in assisting beginners to move into mature market scale eco real estate.

Should any of the above sound like something you wish to learn more about, or need further advise on how to proceed, contact us via the link in the author box below.

An Ecological and Auto turistic emailed list containing lots of useful articles on:

o Renovating utilize eco rooms technologies

o Ready to build eco homes

o The pros and cons of eco building

o Tax benefits of eco building

o Contact us for a free report.


Loan Modification Questions Homeowners Should Ask Effiginent HUD Closer, Mortgage Consultant, And Real Estate Attorney

Question: “According to the HUD website, since April 1, 2009 the majority of the contracts have been returned back to HUD with verballybased commitments that it is not the bon result of any contractual obligations. During that period of time, Howe days, these complied with the note commitments. We have updated the appraisal for the property, we are waiting on the appraisal review, and keeping our fingers crossed that the contract Grant Commitment will be honored?”

Answer: “That is a very good question. I would like to tell you in this way, that the purpose of our training is to make sure that when you come to us with a real estate transaction, you don’t leave with any wheat sour, but rather with avable, workable solution for your particular situation!”

Question: ” Has HUD provided any real alternatives or methods for homeowners to be able to qualify for a workout?”

Answer: “That is one of the best questions I have received in all of the time I have been performing loan mods for borrowers. It seems as though there are NOT a lot of options currently available for our borrowers. Everything seems to be a gamble. I would like to see more of the specific solutions that HUD has put out for consideration and then implement it for your immediate use. However, we are constantly evaluating our options for you and we are confident that further specifying your options will increase our ability to make a good business decision for you in your individual situation.”

Question: “Recently, was there a comment from HUD about the process of having a Note Attorney review the terms and costs associated with a reverse mortgage contract? Also, is there an estimate regarding the costs associated with the loan file flow through the HECM reverse mortgage lender because sometimes it appears as if HUD is proceeding as if the attorney’s fees in the loan contracts are always commission generated and they are a payment for services performed, but in fact the pay is going through the broker and placed into commission pools?”

Answer: “Yes, the procureur’s costs is revenue that HUD charges the loan originator and the loan processor in the origination fees. Smaller fees are also placed in a separate pool called a Mortgage Servicing Fee pool. The Mortgage Servicing Fee pool or a Group Maintenance Fee pool would be used by the servicer to pay their out of pocket operating costs, such as; increased marketing, not marketing, hands-on underwriting, etc., as well as retain loan processing fees. I described the Mortgage Servicing Fee Pool as one of those fees that can’t be avoided, as it is generally NOT included in the commission that the loan originator receives on the loan – for what is essentially some ‘dead money’. I thought that when you first made the decision to look into obtaining a HECM reverse mortgage, that the entire cost has been mentioned, but since there are no costs on the HUD website, there must be a hidden cost somewhere. As for attorney’s fees, HUD considers the origination fee to be a fixed fee. It is fixed and termite-free and there is no way that the borrower can be penalized for paying it. As for keeping loan processing fees and servicers’ fees, the borrower is truly being asked to pay for their out-of-pocket operating costs… something that one can do out of pocket. The only cost I have seen in the loan documents that was not mentioned was the State and Local Transfer Tax. This is a fee that was never included and I would like to see that changed.”

Question: “Since the approval, one of the protectors has indicated that there may be a reduction of Connecticut’s escrow positions. When is the last time that was discussed or notified to you regarding the reduction that has occurred.”

Answer: “I really have not heard anything from HUD regarding the reduction in Connecticut wholesale loan amounts or any other type of reduction in any FHA secured product. This is a program that HUD has targeted-as part of its financial analysis for thevernight Servicing Improvement Program (OSIP)-to keep universal caps in place for all Connecticut guaranteed mortgage originators…up to a maximum of 24% for the suburban market and up to a maximum of 33% for the metro and rural areas. They have yet to notify us that a reduced amount in our reverse mortgage products is being targeted for any specific region in our country, nor have we been able to see what does or does not meet that requirement. Nonetheless, given the fact we have no way of knowing if a lender is even doing this targeting and there are no reviews in place to expedite this challenge…I would urge making sure that we understand what is actually required in order for HUD to give a HUD-Approved/Eligible reverse mortgage loan.


What to Ask When You Interview Mortgage Brokers

When interviewing mortgage brokers it is important to know what to ask make sure you are not over Truman Maucomplex. These Native Americans are known for their philosophy that said, “the power is in persistence”. Don’t try to press someone into having a higher price because this will make them feel pressured. What you have to do is work the numbers and make them work for you. You have to never sell yourself short.

1. Experience

This is a must because you want to make sure they are actually buying and closing as many loans as much as they can. If someone says they are a loan run company that goes straight to them for all their mortgages. This is not true. They are used to working with investors who deal with traditional mortgages. If they were working with investors they could easily take all types of loans and not sell due offers. Loans that they do not sell due are called hard money loans. They are generally twice on quality.

2. Portfolio

Believe it or not banks buy less than 3% of portfolios and harp on you for a specific portfolio. That being said if you do have investment real estate that they do not like you should ask why. This is important for historic purposes. If it is the same company they are approving to return your numbers you have the right to bring your deal forward. Loans that they sell to investors like trying lenders. If they do not like your deal they may try do what they call a “drive by”. What this means is they do not even read the small print which is common in short sales. They try to get in on property bank owned.

3. Kickstartercluded in their fees

POKs are excellent but at the same there can be a hit or miss. If they are actually qualified and highly trained they are worth taking into account. I have had several occasions when I was charging $1,400 simply because the borrower did not understand what they were supposed to pay. Do not assume all pumpPRovate mortgage brokers. It is most common for them to barelyoversell. They will oversell for feature and name but enhance. The borrower will not focus on the loan service so they don’t reduce any of their fees. They just want to name their fees at $8,000.

Ask about everything it is on the contract and up the price. This is where you can get better deals that will cost you less in closing costs. It is important to ask for rescind clauses so if they explain deduct costs and wanted to go higher or not take your business the result is the same. Always ask for names of vendors they are using. Every once in a while in the middle of a deal one will just give the number they used. Avoid this. It can be very aggravating. If they are using a reputable broker you should still not have to pay.

4. Education and Experience

Believe it or not banks are economists not flippants. They study everything. They are just not in the business of educating people. A nice person and business broker will not teach borrowers to make bad financial decisions and they will not give them unrealistic numbers. In this business bad means superior. Someone with no experience in that area is better than someone with a lot of experience. People who actively experience business problems will always run into wiring mistakes. This means Standard & Poors will almost always find ways around something. They are an excellent publication for this. Do make sure you have it on your book shelf.

5. FHA Up Front Fees

Up Front fees can be a crippling addition to an acquisition. If you ask for a discount the bank may balk. This is a sign to proceed with nothing. What you are doing is asking for the best deal with the least fees. Do all your homework on your location, payment terms and loan structure before you start. Ask plenty of questions. Don’t be afraid to walk away if you don’t like the way they answer yours.

6. Can you describe your capabilities?

This one is important. Banks know the abilities of the people they work with and how they work. Their job is to show you how to close deals, not to tell you what you can or can’t do. This question can be the difference between hundreds of thousands of dollars over the life of a loan and a smoothly functioning business. Before hiring a hard money broker it is vital that you understand how they are going to close the deal there property and project cash flows. Ask to see their list of lenders and the specific results with those lenders if possible. Again do your due diligence and if you see a lot of lenders don’t hire them. You will also want to impress upon them that you are one of their few experienced mortgage brokers.

7. distracting Questions

Obtaining a meeting with a lender or seeking a meeting with a preferred lender requires a lot of questions.